EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2012

Earnings Per Share

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.

A reconciliation of weighted average shares outstanding along with the earnings per share attributable to restricted shares of common stock (participating securities) is as follows:

	Three months ended June 30,						Six months ended June 30,
(In thousands except per share data )	2012			2011			2012			2011
Net income available for stockholders:	$	72,260		$	73,165		$	153,015		$	138,689
Less: Dividends paid
Common stock		(17,191	)		(10,261	)		(34,436	)		(20,432	)
Restricted shares of common stock		(321	)		(65	)		(647	)		(248	)
Undistributed earnings	$	54,748		$	62,839		$	117,932		$	118,009
Allocation of undistributed earnings:
Common stock	$	53,618		$	61,558		$	115,497		$	115,603
Restricted shares of common stock		1,130			1,281			2,435			2,406
Basic shares outstanding:
Common stock		210,331			213,266			210,683			213,089
Restricted shares of common stock		4,562			4,556			4,558			4,583
		214,893			217,822			215,241			217,672
Diluted shares outstanding:
Common stock		210,331			213,266			210,683			213,089
Dilutive effect of options		1,234			2,440			1,539			2,804
		211,565			215,706			212,222			215,893
Restricted shares of common stock		4,562			4,556			4,558			4,583
		216,127			220,262			216,780			220,476
Basic earnings per share:
Common stock:
Distributed earnings	$	0.08		$	0.05		$	0.16		$	0.10
Undistributed earnings		0.26			0.29			0.55			0.54
	$	0.34		$	0.34		$	0.71		$	0.64
Restricted shares of common stock:
Distributed earnings	$	0.07		$	0.01		$	0.14		$	0.05
Undistributed earnings		0.25			0.28			0.53			0.53
	$	0.32		$	0.29		$	0.67		$	0.58
Diluted earnings per share:
Common Stock:
Distributed earnings	$	0.08		$	0.05		$	0.16		$	0.09
Undistributed earnings		0.25			0.28			0.55			0.54
	$	0.33		$	0.33		$	0.71		$	0.63